With reference to a news item carried by this newspaper on 2nd April, 2008, which said "SECP barred from altering Policy Board Decisions." My education as student of Corporate Laws and my practical experience suggest me to say with solid assertion that SECP has had never cared to follow the Constitution.
Policy Decision were kept away from the notice of the general public and still are close secrets within the chest of SECP lords. Razi-ur-Rehman devised a Promotion Procedure, 2006 without involvement of the Policy Board to exercise nepotism and favouritism disregarding the clearly expressed provisions of Section 24 of the SECP Act.
The report of the Task Force was thrown away when Dr Tariq Hassan was expelled and Razi-ur-Rehman was appointed in his place as Chairman SECP during Eid holidays by the former Prime Minister. Factual accuracy of the minutes shall come on the surface only if the responsible independent investigators dig deeply.
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